Phase II

The Asian Development Bank (ADB) on Monday approved US$ 800,000 for a second phase private sector development programme to push through reforms to the financial sector and the states privatisation programme.
The monies will be diverted to design of the second phase, which will aim to foster a competitive capital market and nonbank financial sector, and will include strengthening the insurance market as well.rn

rnThe programme will also try to accelerate the privatisation of state-owned enterprises and commercialise government-owned assets. rn

rnCorporate governance and support for deregulation and streamline regulation that underline economic growth also be covered. rn

rnA US$ 100 million first phase project pushed through an environment suitable for private sector development. However, the future growth of the private sector requires follow-on initiatives, the ADB said. rn

rnOne such area identified under the first phase was the limited access to medium and long-term financing and a limited